The move helps open cap space for the Rangers as NHL free agency begins Wednesday.The Rangers part ways with their largest contract in Gomez, who signed a seven-year, $51.5 million deal on July
1, 2007.

He played in 77 games for the Rangers this past season with 16 goals and 42 assists.

The Rangers never made it past the conference semifinals in his two seasons with the Blueshirts.Higgins scored 84 goals and tallied 67 assists in his tenure with the Canadiens.

He had his best season in 2007-08 when he set career highs in games played, goals, assists, points, power-play goals, game-winning goals and shots.

This past year, the 26-year-old had 12 goals and 11 assists in 57 games.

He hails from Smithtown, N.Y.McDonagh played for the University of Wisconsin this past season and scored five goals to go along with 11 assists.

The 20-year-old was Montreal's first-round choice (12th overall) in the 2007 NHL Entry Draft.Valentenko, 21, split time between the KHL and AHL last season.

He was Montreal's fifth-round choice in the 2006 draft.The Rangers also traded Pyatt, who played in 73 games for the Hartford Wolf Pack this season, and Busto, who played for the Charlotte Checkers
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